The state had 23,470 foreclosure filings last year, which RealtyTrac says represented 0.83 percent of all households. But the Census Bureau says the state has 1.43 million "housing units," so the actual rate is 0.16 percent. Furthermore, filings do not mean eviction is imminent, and not all filings involve subprime loans. Meanwhile, Countrywide Mortgage's Soft Market Index says the highest-risk counties for foreclosures are in Arizona, California, Florida, Michigan and Nevada. Fairfield, New London and New Haven counties are considered moderately low risks, and Hartford, Middlesex and Tolland low. Litchfield and Windham didn't even make the index. In Connecticut at least, this has all the earmarks of a contrived crisis.
To further add for my area which is Hartford, Litchfield,Middlesex and Tolland counties, inventories are low even though prices of houses are still correcting gently. Properties that have been on the market for a minimum of six months need to make a price adjustment right now of 10 to 12% to sell. Sellers still have a mind set that they can get what they want on the sell side and our finding out it is just not so. Sellers must adjust price downward - get the house sold and then go play ball with what they want to buy and at the same time take advantage of the low interest rates. And if a buyer signs with me to represent them in their purchase I will pay for their home inspection. It's a win win win!
Geena- 860-983-4446 or email Geena@Geena.biz
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